Liberty General Insurance started its operation in 2013 to provide complete insurance solutions to customers in the retail, commercial, and industrial sector. Liberty General Insurance was formed as a joint venture between Liberty Citystate holdings PTE Ltd., Casualty Group, Enam Securities, and DP Jindal Group.
It is a robust collaboration of two heavy weights from the business world
The company has a presence in 95 cities across 28 states, with an employee strength of 1200+. Its customers can avail of cashless services at 5000+ hospital and 4000+ auto service centers. Liberty General Insurance offers car, two-wheeler, health, personal accident, marine, commercial, fire, employee compensation, engineering, and other miscellaneous insurance products in India."
Liberty General Insurance Ltd. is a known player in the general insurance space. The company is a joint venture between Liberty Citystate holdings PTE Ltd, a group company of US-based Liberty Mutual Insurance Group, Enam Securities and DP Jindal Group. The company currently employees 1100+ individuals, spread over a network of 60 offices in 58 cities across 23 states of the country. Its partner network consists of about 3100 auto service centres and more than 5000 hospitals.
Mission
To become the most admired and trusted insurance companies in India, by keeping up with all the promises that we make to you, our customers, by providing the most convenient dealing process, creating sustainable values, and empowering all our employees.
Vision
The Company aims to help people live safer, with more security. Their vision is to go beyond what other health insurance companies or the car insurance companies in India might offer; to become an attentive and empathetic insurer of choice for the citizens of the country.
Liberty General Insurance LTD. takes pride in a number of community activities and considers it their civic responsibility towards the society. These activities can be categorised as:
For the people
Orphanages for the poor
Books at School
Old Age home
Physically and Mentally Challenged People
For the environment
Cleanliness Drive
Tree Plantation
For awareness
Other miscellaneous activities
Story-telling activities
Blood donation camps
Liberty General Insurance Ltd. began its operations with an initial investment of Rs. 350 crore. During the first three months of operation in the first quarter of 2013, it collected a gross direct premium of Rs. 39.25 crore. In February 2014, with 35 products in its insurance portfolio, the company had accrued a premium of Rs. 100 crore. With the recent capital infusion by Liberty Mutual, the paid up capital of the company has now increased to Rs. 1084 crores, one of the highest paid up capital for any general insurance company in India.
Claims Ratio for Financial Year 2018-19:
Liberty General Insurance Ltd. offers a number of general insurance plans that cater to various insurance needs of the Indian customers. These plans can be encapsulated as-
Liberty General Car Insurance Plans
Liberty General Two wheeler Insurance Plans
Liberty General Health Insurance Plans
Liberty General Personal Accident Insurance Plans
Liberty General Commercial Insurance Plans
Online Payment process- Premium payment should never be a cumbersome task. Hence, Liberty General Insurance Ltd. provides an option for the insured to pay the premium online and make the required payment through online mediums such as credit/debit card or net banking. All you need to provide is your policy number and keep the required documents ready, in case any information is required.
Offline Payment process- In case you do not wish to pay your premium online, you can simply reach out to any Liberty General Insurance Ltd. branch office and pay the required premium amount in person.
Online Renewal Process - Liberty General Insurance Ltd. ensures that policyholders don't have to face any hassles while renewing their insurance policies. Hence, they provide an online platform that allows you to renew your existing policy and make the payment via credit/debit card or net banking.
Renew insurance plans provided by other insurers - Liberty General Insurance Ltd. lets users renew insurance plans provided by other providers on their portal. These plans are considered as new insurance policies with Liberty General Insurance and terms and conditions of the new policy are now applicable for the policyholder.
Awards Won by the company- The company takes pride in the following awards and recognitions received since their inception-
June 2013: “Best Newcomer” by Celent Awards at the 3rd Asia Insurance Technology Awards.
June 2014: “Rising Star Insurer” at the 4th edition of The Indian Insurance Awards organized by Fintelekt.
September 2014: “CEO with HR Orientation” at the Times Ascent HR Asia Pacific Excellence Awards.
November 2014: “Employer of the Choice” by Excellence Awards.
What is a premium bearing endorsement?
A premium bearing endorsement is the endorsement that charges you an additional premium. For example, transfer of ownership, addition of LPG/CNG kit, change of RTO location etc.
What are the key factors that affect the premium amount?
The key factors that affect the premium amount are-
Cubic capacity of the engine
Age of the vehicle
Geographical zone
Type of model
IDV (Insured Declared Value)
What does the legal liability cover for a paid driver include?
The legal liability of a paid driver means that if you have a driver or have hired one to drive your vehicle and he meets with an accident while driving the insured vehicle, he is also covered under the policy and the insurance company compensates for the loss caused.
Is my No Claim Bonus (NCB) transferable? Is there a specific rate?
Yes. If you are a Liberty General Insurance customer or switching to the company from other insurance provider, and have accrued some NCB from your previous insurer, you can get the same transferred. However, note that this will be applicable only if the vehicle is insured within 90 days of your renewal due date. The NCB is transferred at the same rate that you were entitled to get from the previous Insurance Company on renewal of your policy.
How do I renew the motor insurance if my policy is already expired?
Even if your policy has expired, a motor insurance policy for your vehicle can be obtained. But since a break has occurred, the vehicle will be physically inspected by our company official or an authorised representative/agency. The entitlement regarding No Claim Bonus (NCB) will be as per prevailing rules & policies.
What kind of policies are available online with Liberty General Insurance Company Limited?
Liberty General Insurance provides a wide range of general insurance policies that suit a number of needs of individual policy seekers. They can be summarised as-
Liberty General Car Insurance Plans
Liberty General Two wheeler Insurance Plans
Liberty General Health Insurance Plans
Liberty General Personal Accident Insurance Plans
Liberty General Commercial Insurance Plans
Can I continue the motor insurance policy in the name of the previous owner even after transferring the vehicle to my name in the RTO records?
Unfortunately, one cannot continue the motor insurance policy in the name of the previous owner even after transferring the vehicle to my name in the RTO records as the registration of the vehicle and insurance policyholders name and address must be the same, else the claim is not payable.
